Gold hits Rs 1.3 lakh/10 g, breaches USD 4,100/ounce in global markets
New Delhi (PTI): Gold prices on Tuesday surged by Rs 2,850 to reach an all-time high of Rs 1,30,800 per 10 grams in the national capital, driven by heavy festive buying by retailers and jewellers ahead of 'Dhanteras'.
According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 1,27,950 per 10 grams on Monday.
Gold of 99.5 per cent purity also advanced by Rs 2,850 to hit a record Rs 1,30,200 per 10 grams (inclusive of all taxes), from the previous close of Rs 1,27,350 per 10 grams.
So far this year, gold prices have increased by Rs 51,850 or 65.67 per cent from Rs 78,950 per 10 grams on December 31, 2024.
"Gold and silver have hit new highs, propelled by geopolitical concerns, supply constraints, and strong domestic investment demand, amplified by a weaker rupee. The ascending trend is intact, but the steep 'V-shaped' price action introduces significant volatility risk," Dilip Parmar, Research Analyst at HDFC Securities, said.
Silver also surged by Rs 6,000 to hit a lifetime high of Rs 1,85,000 per kilogram (inclusive of all taxes), marking its fifth consecutive day of gains. The white metal had settled at Rs 1,79,000 per kg in the previous market session.
Traders attributed the sharp rise in bullion prices to sustained demand from jewellers and retailers in the run-up to the festive and wedding season, along with a weaker rupee that slipped 12 paise to revisit its all-time low of 88.80 against the US dollar on Tuesday.
Silver prices have surged by Rs 95,300 or 106.24 per cent in the current calendar year, skyrocketing from Rs 89,700 per kilogram on December 31, 2024.
In the international market, spot gold retreated from record highs but remained elevated, trading 0.72 per cent higher at USD 4,140.34 per ounce after touching an all-time high of USD 4,179.71 per ounce earlier in the day.
"Spot gold, having risen for eight straight weeks, surged to a fresh record high of USD 4,179 per ounce.
"The metal is gaining on rate cut expectations, huge exchange traded fund (ETF) inflows, de-dollarisation and concerns over US economy as partial government shutdown continues," Praveen Singh, Head of Commodities and Currencies at Mirae Asset Share Khan, said.
Spot silver also pulled back after hitting a lifetime high of USD 53.54 per ounce and was trading 3.15 per cent lower at USD 50.72 per ounce.
"Silver has surged sharply as investors rotate out of the dollar into tangible assets, reflecting mounting apprehension over US fiscal stability and the autonomy of the Federal Reserve.
"Supply constraints have intensified, with robust shipments to the United States amid concerns of potential import tariffs draining London inventories to multi-year lows," Riya Singh - Research Analyst, Commodities and Currency, Emkay Global Financial Services, said.
She added that "India, the world's largest consumer of silver, the white metal prices are trading at a steep premium of up to 10-15 per cent over global benchmarks, driven by robust investment and festival-related demand, prompting physically backed ETFs to halt new subscriptions."
Riya Singh further pointed out that silver is likely to maintain its upward trajectory toward Rs 1,94,639 per kilogram level for the domestic markets, while on the international front, it could test with an upside potential of USD 59.89 per ounce.
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Unemployed 'youngsters like cockroaches' become media, activists; attack system: CJI
New Delhi (PTI): Likening some unemployed youngsters to cockroaches, Chief Justice of India (CJI) Surya Kant on Friday said they go on to "become" media, social media and RTI activists and start attacking the system.
The comments came while a bench of CJI Kant and Justice Joymalya Bagchi was pulling up a lawyer for "pursuing" a senior advocate designation. It said there were already "parasites" in society who attack the system and asked the petitioner whether he wanted to join hands with them.
"The entire world may be eligible to become senior (advocate), but at least you are not entitled," the bench told the petitioner lawyer.
A visibly anguished CJI observed that if the Delhi High Court would confer senior advocate designation upon the petitioner, the apex court would set that aside seeing his professional conduct.
The CJI also referred to the kind of language used by the petitioner on Facebook.
"There are already parasites of society who attack the system and you want to join hands with them?" he said.
"There are youngsters like cockroaches, who don't get any employment or have any place in profession. Some of them become media, some of them become social media, RTI activists and other activists and they start attacking everyone," he said.
The bench also asked the petitioner whether he did not have any other litigation.
"Is this the conduct of a person who seeks to be designated as a senior advocate?" the bench asked.
It said senior advocate designation is something that is conferred on a person and is not to be pursued.
"You are pursuing it. Does it look proper?" the top court said, asking whether a senior advocate designation was a status symbol to be kept ornamentally.
It also observed that it wanted to ask the Central Bureau of Investigation (CBI) to verify the degrees of many of those who were wearing black robes as there were serious doubts over the genuineness of their degrees.
It said the Bar Council of India would never do anything on this issue as they "need their votes".
The petitioner apologised to the bench and sought permission to withdraw the petition. The bench allowed the withdrawal of the petition.
